Usman Salis
Shiba Inu (SHIB) is catching serious attention from crypto whales who've quietly moved 359.6 billion tokens worth approximately $4.9 million into cold storage wallets. This massive accumulation, combined with SHIB's impressive 8% weekly gain, has traders buzzing about a potential breakout toward the $0.00001600 level.
SHIB Price Finds Critical Support at 200 EMA Level
The technical picture shows a textbook setup forming around the crucial $0.00001300 support zone. After rejection at $0.00001400 resistance, SHIB pulled back to test support that perfectly aligns with the 200 EMA at $0.00001308.
This support zone has been acting as a reliable demand area where buyers consistently step in. With whale wallets accumulating nearly 360 billion tokens while price sits at this technical sweet spot, it's setting up for potential upside momentum.
Cold wallet transfers typically signal long-term holding strategies, removing selling pressure from the market and creating a more bullish supply-demand dynamic.
Bullish Momentum Building Despite Mixed Signals
The RSI currently sits at 64.19, showing some cooling from overbought levels but maintaining bullish momentum. While the MACD flashes negative readings, divergences between price action and whale behavior often resolve in favor of smart money.
If the $0.00001300 support holds and whale accumulation continues, traders are eyeing the $0.00001600 target – representing a solid 23% gain from current levels. The $0.00001400 resistance remains the first hurdle, but with nearly $5 million worth of tokens moved off exchanges by whales, selling pressure might be weaker than expected.
Usman Salis
